Domestic Reverse Charge

[playfairj]

As per VAT notice 735: VAT domestic reverse charge on specific goods and services.

What Sage VAT code should be used/set up for customer purchases?
Box 1 , 4 and 7 but not box 6 needs to be populated.

Many thanks

[brucedenney]

From the Sage help file

Tax codes

Sage 50 Accounts has a number of tax codes set up by default. You can edit any of the existing default tax codes or you can add your own. You can have up to 99 different tax codes.

Default tax codes -

T0 Zero rated transactions
T1 Standard rate
T2 Exempt transactions
T4 Sales of goods to VAT registered customers in EC
T5 Lower rate
T7 Zero-rated purchases of goods from suppliers in EC
T8 Standard-rated purchases of goods from suppliers in EC
T9 Transactions not involving VAT
T20 Sales and purchases of reverse charges
T22 Sales of services to VAT registered customers in EC
T23 Zero-rated purchases of services from suppliers in EC
T24 Standard-rated purchases of services from suppliers in EC
T25 Flat rate accounting scheme, purchase and sale of individual capital items > £2,000

I cannot be entirely sure that your copy of sage is setup as default.

This is what T20 should be set to...

T20 default.png

[playfairj]

Hi Bruce

Very kind of you to respond.

I'll use T20 for now.
I guess the issue is that it still posts the net amount in box 6.
But that is not the end of the world.

How do you get to the screen you have copied below or, to actually set up an new code?
I'm thinking to set up, say T21, specifically for the 'Domestic' Reverse Charge just introduced in Feb.

Many thanks once again.

Jill

[brucedenney]

Settings>Configuration>Tax Codes

[playfairj]

thank you - I'll have a go!